The business community in Detroit, Michigan, has experienced a dramatic shift over the years, moving from its traditional automotive manufacturing dominance to a more diversified economy that includes sectors such as technology, healthcare, finance, and logistics. Detroit remains a global hub for the automotive industry, with major automakers like General Motors, Ford, and Stellantis still headquartered in the city, alongside a robust network of suppliers and manufacturers that support the industry. However, in recent years, the city has increasingly embraced innovation and technology, particularly in areas such as electric vehicles, autonomous driving, and advanced manufacturing. The healthcare sector is another key economic driver, with institutions like the Detroit Medical Center and Henry Ford Health System providing high-quality medical services and research opportunities. Finance and business services are also growing in Detroit, with several major financial institutions and insurance companies contributing to the city’s economy. Additionally, the logistics and transportation sectors benefit from Detroit’s strategic location near the U.S.-Canada border and major transportation networks, making it a vital trade hub. The city’s resurgence is further supported by a growing tech and startup ecosystem, fueled by investments in innovation and a shift toward a more diverse and entrepreneurial economy. Overall, Detroit’s business community is evolving, blending its rich manufacturing history with emerging industries, making it an increasingly important economic center in the Midwest. The area code for Detroit (MI) is 313.
Detroit Fractional Accounting & Advisory Services
When a business experiences a period of sustained growth it is certainly a cause for celebration. Not only does it mean the business strategy has been successfully executed, but also reflects the hard work of team members across the enterprise. However, with growth also comes new demands and additional responsibilities as well as new business needs to sustain the growth trajectory.
Those increased demands may also require new expertise in critical business functions such as accounting, financial projections, management, and reporting. Sustained growth means these departments may require more experienced professionals with an executive level of expertise, including the Controller and Chief Financial Officer level.
The unfortunate reality is that finding such experienced professionals can be challenging. Once identified, the company needs to allocate the time and resources needed for onboarding and training. Then there is the matter of employee retention which can make matters more complicated. Rather than going through this expensive process, many companies and non-profits in Detroit and Michigan turn to fractional accounting and advisory services as a solution.
Michigan FAAS Experience
Barnes Dennig provides outsourced accounting and fractional accounting and advisory services to companies in Detroit and across Michigan. We work with organizations in a variety of industries to “plugin” during periods of growth, the unexpected departure of a senior executive or key team member, or to provide situational support for special projects. Our team offers a unique blend of technical expertise and situational experience that translates into practical and scalable solutions.